The first UK-EU summit since Brexit reached an agreement to promote the reset of bilateral relations

The UK and the EU have reached the most significant relationship reset agreement since Brexit. Both sides agreed to remove some trade barriers and enhance defense cooperation to promote economic growth and enhance security on the European continent.

British Prime Minister Stammer held the first UK-EU summit with EU leaders on Monday (May 19) since the official Brexit in 2020.

Agence France-Presse, citing EU diplomats, reported that member states have approved three agreement texts planned to be signed at this summit, covering security and defense cooperation, the UE-EU unity statement, and common understanding documents on issues such as trade, fisheries and youth mobility. It is expected that the two sides will officially announce the agreement later on Monday.

The Defense and Security Cooperation Agreement is the core outcome of this summit, meaning that the UK can participate in any joint procurement of the EU. However, Reuters reported that British companies including BAE Systems, Rolls-Royce and Babcock International have requested to participate in the EU's 150 billion euro weapons purchase loan program, and the two sides still need to reach further agreements on this issue.

According to the BBC, the two sides have reached a 12-year agreement on the fishing rights of EU fishing vessels entering British waters. Fishing rights have always been a sensitive issue in the Brexit campaign, and the measures taken by the Labour government may trigger intense debate.

Sky News of the UK reported that the European Union hopes to obtain permanent fishing rights in British waters, but the agreement reached by both sides has a term of 12 years. The existing fishing rights in the UK's fishing communities will remain unchanged. The UK's fishing quota will not decrease and the EU's quota will not increase either.

In addition, the UK and the EU have also reached a consensus on the "Balancing Youth Experience" program. Reuters, citing summit documents, reported that the plan aims to promote the flow of young people between the UK and the EU, allowing young people from the UK and the EU to work, study, volunteer or travel in each other's countries, with a limited duration for each stay.

The Stammer government is striving to repair relations with the European Union. The European Union is the largest trading partner of the United Kingdom. Economists believe that the reset of the UK-EU relationship may have a greater impact on the UK's sluggish economy compared with the previous trade agreements reached with the United States and India.